EXPERTS ON THE SLUMP

Evening Post, Volume CXI, Issue 106, 7 May 1931, Page 11

EXPERTS ON THE SLUMP

PEDIAEY INITIATIVE

MUST LIE WITH BUSINESS

EXAMPLE OF AUSTRALIA

United Press .Association—7*.y Electric^ Tel»«

craili—CupjTi.-It. (Received 7lh May. 8 a.m.)

WASHINGTON, 6lh May.

The Australian delegate at llm International Chamber of Commerce Conference in an interview stated that of the inferences concerning world-wide depression contained in the addresses by delegates to (lie conference during the past two days he had been most interested from an Australian point of view in the widely emphasised ex* pression of belief that the Governmental operation of utilities in trades and business had proved a failure, and in the general agreement that the depression could be most feasibly counteracted through the primary initiative on the part of the business interests themselves. Governmental co-operation, though necessary, should be held of secondary importance. '

■It is believed, according'to the Australian representative, that relief lie* not in tho domain, of political action, for where legislative programmes for tho cure of economic ills have beea undertaken by State Socialism, failura immeasurably worse has been, the result, since Governments cannot effectively suspend the operation of econo-

mic laws.

The,delegate held that such opinion* had been proved logical by the repeated failures in the field of price regulation and most recontly by the almost complete breakdown of economic conditions in Australia and New Zealand, where governmental ownership and operation had most universal application.

The position is summed up: "Government co-operation is imperative, bufc leadership must come from business."